Waiting For Yellen…
Let's start today with what didn't go up…
USDJPY – once 110.000 stops had been run – decoupled lower from stocks…
Oil – once it tagged $50 – decoupled lower from stocks…
High yields bonds decoupled from stocks…
Treasury yields decoupled lower from stocks…
So where does that leave us for the week…
Well stocks love it!!
Although momo started to fade today… once again pivoiting around EU close with a weak US close…
As volume collapsed even more…
And VIX was pushed to 13.55 lows… but was unable to sustain stocks…
AAPL extended its winning streak to 5 days – topping $100 and breaking above its 100DMA (good old buybacks!!)
Bond rallied too – after the 7Y auction today…
The Dollar Index fell for the 2nd day in a row – note that Cable fell today as Brexit concerns reappeared…
Despite the drop in the dollar, commodities slipped lower today (with crude underperforming) but the week has one clear pattern – buy growthy commods, sell PMs…
WTI Crude tagged $50 today – the highest for the July contract since early November 2015… and then sold off…
Charts: Bloomberg
via http://ift.tt/1UgdYtc Tyler Durden